Oil jumps to $110 a barrel as the Ukraine crisis raises supply concerns

• Brent crude tops $110 for first time in 8 years after a 5.64 % jump

• Natural gas prices rise 4.18% while safe-haven spot gold declines

Oil prices soared on Wednesday, with global benchmark Brent topping $11O per barrel reaching its highest level in years, as Russia's troops moved closer to Kyiv, Ukraine's capital.

Brent crude, the global standard, climbed 5.64 percent to $110.83 per barrel, after earlier soaring as high as $111.78. 

West Texas Intermediate crude futures gained 5.4 percent to trade at $109.08 per barrel, after earlier reaching a high of $110.18 per barrel- the highest since April 2011. 

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Early trade showed Brent crude surged over 9.5% to trade at $107.40 per barrel during Tuesday's session.

Following Russia's invasion of Ukraine last Thursday, crude prices initially exceeded $100, raising worries of supply interruptions from important exporter Russia, which ranks third in global oil output in an already tight market.

WTI and Brent are already up more than 40% year to date, indicating that demand is picking up while supply remains tight.

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Moreover, BP PLC and Shell PLC have declared intentions to abandon Russian businesses and joint ventures, while TotalEnergies SA has stated that it would not spend any further cash in its Russian activities.

Natural gas prices rose 4.18%. Traditional safe-haven asset spot gold ticked down 0.82% trading at $1,927.80.

Military analysts predict that as Russia employs heavy artillery, the conflict in Ukraine will grow more destructive and lethal.

Picture Credits: ET